Asian Consumers Optimistic About the Future of Economy and Personal Finances, Study Reveals

GfK, a consumer and market intelligence, analytics, and consulting services provider, recently unveiled  a Consumer Trend Study 2022 report that revealed how Asian consumers are optimistic about the future of their nation, as well as their personal finances. The study targeted at its customers across the consumer products industry also aimed to discuss the issues that concerned consumers in Southeast Asia, India and Taiwan. 

“A new world has emerged,” said Karthik Venkatakrishnan, Marketing & Consumer Intelligence, APAC Lead, GfK. “Consumers across the Asia Pacific are adapting and recovering to a new consumerism order amidst global unrest and heightened economic pressures alongside newly adopted consumer choices and behaviors. And therefore, to better understand how to succeed in a rapidly changing environment, organizations need to pivot their strategies with agility. The key is to be ‘fluid’ in your market approach. During the GfK Insight Summit, industry leaders will take a fresh look at winning the new consumerism in the Asia Pacific.” 

In the post COVID-19 era, understanding the forces that impact consumer attitudes and decisions and its effect on businesses is essential as the forces of supply chain challenges, conflict, climate change and soaring inflation, energy and oil prices loom ahead. Helping consumers pursue their vision of a better life, involving material products such as nice clothes or intangibles like health and leisure would ease their navigation in an uncertain and volatile world.

The highlights of this study include:

Confidence shifts vary across markets.

According to the GfK Mood of the World Study, people reported feeling happiest in India and Indonesia at 29 per cent and 23 per cent respectively, aligning with their upbeat mood in other aspects. Optimism on the future is more prevalent in developing markets, while in developed markets, people tend to be equally divided in their opinions.

Singapore is the second most optimistic nation concerning the country’s economy improving within one year at 38 per cent, followed by Malaysia at 27 per cent, Taiwan at 17 per cent and Thailand at 15 per cent. Regarding the uplifting of their personal economic situation in the upcoming 12 months, Singapore and Malaysia equalized in second place at 58 per cent, followed by Taiwan at 54 per cent and Thailand at 41 per cent.

The Philippines is most positive on the country’s economy improving within one year at 58 per cent, 23 per cent higher than the regional average of 35 per cent. It is also the most upbeat country in relation to the enhancement of their personal economic situation in the upcoming 12 months with 77 per cent being confident, 17 per cent more than the regional average of 60 per cent     

Inflation and high prices are a major concern for Asian consumers.

Inflation and high prices are the primary concern in Singapore and Taiwan at 70 per cent, Malaysia at 56 per cent and Philippines at 52 per cent. This is the second highest concern in Thailand at 52 per cent, with the top concern being recession and unemployment at 53 per cent.

Asian consumers emphasize family, authenticity and honesty as their key personal values.

Protecting the family is deemed most important in Malaysia, Philippines and Thailand, while placed in the second and third highest ranks in Singapore and Taiwan respectively. Authenticity is of third most importance in Philippines and Thailand, fourth in Malaysia and fifth in Singapore and Taiwan, while honesty is the second highest ranking in Malaysia, Philippines and Thailand, and the third highest in Singapore and eighth in Taiwan.

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